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Austrian bad bank KA Finanz gets more aid-paper
February 7, 2014 / 7:47 AM / 4 years ago

Austrian bad bank KA Finanz gets more aid-paper

VIENNA, Feb 7 (Reuters) - Austria’s state-owned KA Finanz , the “bad bank” split off from nationalised lender Kommunalkredit, got 150 million euros ($204 million) more aid at the end of last year to help cover the costs of winding down assets, a newspaper reported on Friday.

Citing unidentified “owner” sources, Der Standard said the extra help amounted to around a net 75 million euros when considering an accompanying reduction in state guarantees and other support.

The finance ministry declined comment on the report, which said the latest aid tranche brought to 2.85 billion euros the amount of overall state support taxpayers have provided KA Finanz.

The government that took office in December has earmarked 5.8 billion euros in aid through 2018 to help ailing banks, primarily nationalised lender Hypo Alpe Adria.

$1 = 0.7353 euros Reporting by Michael Shields; Editing by David Holmes

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